The native Cardano token is one of the best performing digital assets this week and is currently trading at $1.13 and $1.23. While its price action is slowing down compared to the industry leaders this week, led by Bitcoin and XRP, ADA's performance compared to other altcoins is still a source of hope for many.
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One market analyst even sees ADA Cardano eventually passing Dogecoin in the list of top cryptos by market cap.
A recent comparative analysis of Cardano and Dogecoin shows the dominance of the former over the top meme coin. ADA is up 14% in the last week, while Dogecoin is up just 7%. And if we look at a higher time frame, ADA also shows strength and dominance over Dogecoin.
Over the past month, ADA is up 230%, and Dogecoin registered an increase of 116%.
Can we expect a flip?
Both Cardano and Dogecoin are in the top 10 cryptos by market cap, with Dogecoin in 7th place and Cardano in 8th. Only about $20 billion separates the two best performing altcoins. And for crypto commentator Dan Gambardello, there is a strong possibility that Cardano can flip the script in the next few days.
today stands at 1.84 $ $ADA would be $ DOGE.
The time is drawing near.
The event is coming up. pic.twitter.com/yTbcKe91Hc
– Dan Gambardello (@cryptorecruitr) December 5, 2024
In a Twitter/X post, Gambardello predicted that ADA will overtake Doge and that the time is “approaching and coming.” Interestingly, after passing Cardano this year, DOGE moved past XRP and USDC to become the sixth largest crypto by market capitalization, with a capitalization of $69 billion last month. However, today's market value for Dogecoin fell to a record high of $0.47992.
Cardano, on the other hand, is making its move, supported by hard macroeconomic data. Recently, Cardano reached a multi-month high, increasing its market cap to $45.8 billion. With this bullish increase on Cardano, Gambardello argued that Cardano is ready to overtake Doge. This will happen, according to the analysis, if Cardano reaches $1.84.
Cardano needs momentum to hit $1.84
According to Gambardello, $1.84 is the magic number for Cardano to change the script and top Dogecoin. However, he did not indicate a specific time frame for this pricing event. With a total supply of $45 billion, an increase to $1.84 will push the token's market capitalization to $64.63 billion. This value will move ADA past Doge, which is currently at $64.3 billion in the market landscape.
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Before making this claim, the analyst originally set a price of $3 for ADA. Analysts also shared that Cardano's version of a bull run will begin once it receives attention from institutions that want to offer exchange-traded funds or ETFs, similar to what happened to XRP.
At the time of writing, ADA is trading between $1.13 and $1.23, with a market cap of $41.55 billion.
Featured image from VOI, chart from TradingView
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